LONDON (Alliance News) - ITE Group PLC on Tuesday said it has partnered with Messe Frankfurt GmbH, the German trade fair company, to acquire the Comtrans and Autotrans trade events in Russia.
Comtrans and Autotrans take place in Russia and are trade events for the commercial vehicle, bus and special vehicle industries.
ITE said the joint venture company which will now organise the events will be called ITEMF Expo AO. ITE and Messe Frankfurt are 50:50 partners in the venture.
ITE did not provide any financial details on the deal.
"Comtrans and Autotrans are the most important events in the Russian commercial vehicle sector. ITE?s and Messe Frankfurt?s international sales and marketing capabilities will give them a further boost. At the same time, we are pleased to be strengthening our partnership with Messe Frankfurt, with whom we have been working successfully for several years on MIMS Automechanika Moscow," said ITE Chief Executive Officer Russell Taylor.
ITE shares were up 1.3% to 151.00 pence on Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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